Business Report :
City Bank has recently signed an agreement with International Finance Corporation (IFC) for obtaining a USD 10 Million-term loan for 5 years to develop the Ready Made Garments (RMG) Sector of Bangladesh by providing eligible RMG companies with loans for resolving their structural, electrical and fire safety issues, says a press release.
The agreement was signed by Sohail RK Hussain, Managing Director of City Bank and Ms InessaTolokonnikova, Manager of Financial Institution Group, South Asia of IFC at the bank’s head office in the city.
Faruq M Ahmed, AMD & Chief Risk Officer and Sheikh Mohammad Maroof, DMD & Head of Wholesale Banking Division of City Bank and M Rehan Rashid, Senior Country Officer and EhsanulAzim, Senior Investment Officer of IFC were also present along with other senior executives from both institutions.
City Bank and IFC have ongoing business relationship for the last few years as the Bank has participated in Global Trade Finance Program and Short Term Rollover Loan Facilities of IFC in 2012. Through the signing of the RMG Sector Remediation Financing Agreement, City Bank and IFC have elevated their relationship and the Agreement is a milestone achievement for both organizations.
City Bank and IFC believe that the Remediation Financing Facility will favorably impact the fight against mishaps in the RMG Sector and prevent tragedies like the ones in Tazreen Fashion and Rana Plaza.
City Bank has recently signed an agreement with International Finance Corporation (IFC) for obtaining a USD 10 Million-term loan for 5 years to develop the Ready Made Garments (RMG) Sector of Bangladesh by providing eligible RMG companies with loans for resolving their structural, electrical and fire safety issues, says a press release.
The agreement was signed by Sohail RK Hussain, Managing Director of City Bank and Ms InessaTolokonnikova, Manager of Financial Institution Group, South Asia of IFC at the bank’s head office in the city.
Faruq M Ahmed, AMD & Chief Risk Officer and Sheikh Mohammad Maroof, DMD & Head of Wholesale Banking Division of City Bank and M Rehan Rashid, Senior Country Officer and EhsanulAzim, Senior Investment Officer of IFC were also present along with other senior executives from both institutions.
City Bank and IFC have ongoing business relationship for the last few years as the Bank has participated in Global Trade Finance Program and Short Term Rollover Loan Facilities of IFC in 2012. Through the signing of the RMG Sector Remediation Financing Agreement, City Bank and IFC have elevated their relationship and the Agreement is a milestone achievement for both organizations.
City Bank and IFC believe that the Remediation Financing Facility will favorably impact the fight against mishaps in the RMG Sector and prevent tragedies like the ones in Tazreen Fashion and Rana Plaza.
